Are you considering investing in property? Buying an apartment can be a manageable option, perfect for first-time investors. The right apartment and good financial planning in Australia can secure incoming cash flow for years to come. Here’s our guide to investing in an apartment that will deliver high returns.
Compared to a traditional house, apartments are – generally speaking – much more affordable. Being smaller than a house and having no land, you can buy an apartment in a sought-after neighbourhood for a fraction of the price of a house in that same area. You will also potentially save on council rates and land taxes.
Renting out an entire house on land requires plenty of maintenance. From garden care to upkeeping the exteriors, you as the owner will shoulder all the maintenance costs. While you will likely need to pay a body corporate fee when you buy an apartment, this usually takes care of most of the routine maintenance for you and can be a more affordable arrangement over time.
The lack of new apartments being constructed can’t keep up with the rental demand. This is great news for investment apartment owners. As long as you buy an apartment in the right location, you shouldn’t have any issues with finding tenants.
The success of your investment apartment will largely depend on where it’s located. Generally speaking, you want to find a place that is close to a major community hub and has great public transport options. Apartments in or close to the city are usually in high demand.
Other great location options can be near universities, hospitals, and other facilities where attendees require temporary accommodation, ideally for up to four years. Take note of the level of security in the area as well to avoid vandalism.
Our team of award winning brokers in Australia have access to high-quality market data that could inform you about the best time and place to buy. If you’re considering an investment apartment, reach out to us to discover what the market is doing and what that could mean for your investment plans.
If you’re considering purchasing an investment apartment, give yourself the benefit of years of expertise and experience. Speak to our 1st Street Brokers today to discuss your needs.
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